by JNS
They are guilty of “serious norm violations associated with business operations in the West Bank,” says Norges Bank Investment Management.
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Norges Bank in Oslo, Norway. Credit: Public Domain via Wikimedia Commons. |
Norway’s sovereign wealth fund, which reportedly invests about $2 trillion, divested in recent days from 11 Israeli companies it says do not meet its “equity benchmark.” More than that, it plans to move the other 50 companies in which it invests in-house, Norges Bank Investment Management announced on Monday.
“We are terminating contracts with external managers in Israel,” it said.
Fund managers have divested from Israeli companies before, citing what they say were “particularly serious violations of fundamental ethical norms” and “serious violations of individuals’ rights in situations of war or conflict,” among other issues. It also excludes those who produce tobacco or nuclear weapons.
The 11 Israeli companies that the fund cut off are guilty of “serious norm violations associated with business operations in the West Bank,” it said. (JNS sought comment from the central bank but did not hear back.)
“These measures were taken in response to extraordinary circumstances,” stated Nicolai Tangen, CEO of Norges Bank Investment Management. “We are invested in companies that operate in a country at war, and conditions in the West Bank and Gaza have recently worsened. In response, we will further strengthen our due diligence.”
At the end of the 2024 fiscal year, the fund’s investment in the State of Israel totaled about $216 billion in 65 companies, representing 0.1% of its investments.
JNS
Source: https://www.jns.org/norway-investment-fund-divests-from-11-israeli-companies/
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